It's spending that matters: From robust control theory to practical heuristics
The problems caused by state and local revenue volatility are inherently challenging. Oregon has an especially volatile revenue structure, which can cause all sorts of problems as the state moves through the business cycle. Nevertheless, we have concluded that these problems are caused less by reven...
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| Main Author: | |
|---|---|
| Format: | Electronic Book Chapter |
| Language: | English |
| Published: |
Paris
OECD Publishing
2015
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| Subjects: | |
| Online Access: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Summary: | The problems caused by state and local revenue volatility are inherently challenging. Oregon has an especially volatile revenue structure, which can cause all sorts of problems as the state moves through the business cycle. Nevertheless, we have concluded that these problems are caused less by revenue volatility per se than by adjusting spending up and down to match current revenue flows, from growing spending at unsustainable rates during booms and cutting back precipitously during busts. The mild recession of 2001-02 had a particularly severe aftermath in Oregon. This event shocked the state's policy makers into addressing the revenue volatility issue, making sense of it, and taking steps that greatly mitigated the adverse effects of the "Great Recession". This article describes three things: the public-policy processes that produced this moderately happy outcome, my own voyage of discovery as I observed/participated in these processes, and a set of practical mechanisms states can use to stabilise spending. JEL classification: H11, H20, H70 Keywords: Oregon, Great Recession, cash flows, income taxes, revenue volatility |
| Physical Description: | 1 Online-Ressource (14 Seiten) 21 x 28cm |
| DOI: | 10.1787/budget-14-5jrtl4wnp3mn |
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| 520 | |a The problems caused by state and local revenue volatility are inherently challenging. Oregon has an especially volatile revenue structure, which can cause all sorts of problems as the state moves through the business cycle. Nevertheless, we have concluded that these problems are caused less by revenue volatility per se than by adjusting spending up and down to match current revenue flows, from growing spending at unsustainable rates during booms and cutting back precipitously during busts. The mild recession of 2001-02 had a particularly severe aftermath in Oregon. This event shocked the state's policy makers into addressing the revenue volatility issue, making sense of it, and taking steps that greatly mitigated the adverse effects of the "Great Recession". This article describes three things: the public-policy processes that produced this moderately happy outcome, my own voyage of discovery as I observed/participated in these processes, and a set of practical mechanisms states can use to stabilise spending. JEL classification: H11, H20, H70 Keywords: Oregon, Great Recession, cash flows, income taxes, revenue volatility | ||
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| spelling | Thompson, Fred Verfasser aut It's spending that matters From robust control theory to practical heuristics Fred Thompson Paris OECD Publishing 2015 1 Online-Ressource (14 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier The problems caused by state and local revenue volatility are inherently challenging. Oregon has an especially volatile revenue structure, which can cause all sorts of problems as the state moves through the business cycle. Nevertheless, we have concluded that these problems are caused less by revenue volatility per se than by adjusting spending up and down to match current revenue flows, from growing spending at unsustainable rates during booms and cutting back precipitously during busts. The mild recession of 2001-02 had a particularly severe aftermath in Oregon. This event shocked the state's policy makers into addressing the revenue volatility issue, making sense of it, and taking steps that greatly mitigated the adverse effects of the "Great Recession". This article describes three things: the public-policy processes that produced this moderately happy outcome, my own voyage of discovery as I observed/participated in these processes, and a set of practical mechanisms states can use to stabilise spending. JEL classification: H11, H20, H70 Keywords: Oregon, Great Recession, cash flows, income taxes, revenue volatility Finance and Investment Governance https://doi.org/10.1787/budget-14-5jrtl4wnp3mn Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Thompson, Fred It's spending that matters From robust control theory to practical heuristics Finance and Investment Governance |
| title | It's spending that matters From robust control theory to practical heuristics |
| title_auth | It's spending that matters From robust control theory to practical heuristics |
| title_exact_search | It's spending that matters From robust control theory to practical heuristics |
| title_exact_search_txtP | It's spending that matters From robust control theory to practical heuristics |
| title_full | It's spending that matters From robust control theory to practical heuristics Fred Thompson |
| title_fullStr | It's spending that matters From robust control theory to practical heuristics Fred Thompson |
| title_full_unstemmed | It's spending that matters From robust control theory to practical heuristics Fred Thompson |
| title_short | It's spending that matters |
| title_sort | it s spending that matters from robust control theory to practical heuristics |
| title_sub | From robust control theory to practical heuristics |
| topic | Finance and Investment Governance |
| topic_facet | Finance and Investment Governance |
| url | https://doi.org/10.1787/budget-14-5jrtl4wnp3mn |
| work_keys_str_mv | AT thompsonfred itsspendingthatmattersfromrobustcontroltheorytopracticalheuristics |